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Dec 05, 2024
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MATH 101 - Business Mathematics Credits: 3 Lecture Contact Hours: 3 Description: This course offers a review of fundamentals of arithmetic along with coverage of percentage, simple and compound interest, taxes, insurance, bonds and their applications to business practice.
Prerequisites: MATH 045 with a minimum grade of 2.0, or overall high school GPA of 2.8 or higher, a minimum score of 16 ACT-Math, 22 SAT-Math, 60 CPT-Arithmetic, or 240 NGA-Arithmetic Corequisites: None. Recommended: None.
Course Category: Liberal Arts | Mathematics This course counts toward Schoolcraft’s General Education Requirements. This Course is Typically Offered: Winter, Spring, Summer, Fall Check Course Availability
Course Competencies
- Calculate basic arithmetic problems with whole numbers, fractions, decimals, percents and ratios.
- Solve algebraic equations and word problems.
- Use key terminology related to business mathematics.
- Balance a checking account.
- Compute gross pay, employee deductions and employer contributions.
- Solve problems involving simple and compound interest, promissory notes and present value.
- Calculate maturity dates, values and time periods related to loans.
- Calculate various types of discounts on invoices.
- Compute markup and markdown on items.
- Calculate present or future value of an annuity.
- Calculate amount of a sinking fund and amortization payment.
- Calculate payments and costs associated with both open- and closed- end credit.
- Determine the most cost effective mortgage based on the payment details and costs.
- Calculate depreciation using standard methods.
- Solve problems involving life, property and motor vehicle insurances.
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